German steel recycler Scholz is yet another business adversely impacted by the coronavirus pandemic and the resulting economic downturn last year. According to the latest figures published by its Chinese parent company Chiho Environmental Group, Scholz's revenues and sales volumes both slumped in 2020.
In its annual earnings report, the Chinese metals recycling group puts the turnover for its European activities, which include Scholz's business, at HKD10.7bn – or around €1.17bn at current exchange rates. In annual comparison, revenues in Europe had fallen by 12 per cent, according to Chiho. The amount of scrap sold by Scholz last year fell by 10 per cent to 3.68 million tonnes.
European operations had been heavily affected by the pandemic containment measures adopted by national governments, especially in the second quarter of 2020, the Chinese parent group reports. However, the second half of the year had brought a strong recovery, attributable in part to positive developments in the construction and automotive sectors.